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Asian markets still jittery on Middle East concerns Australia recovers some ground

Article By: ,  Financial Analyst
February 23, 2011 4:37 PM

Continuing uncertainty in the Middle East and negative leads from the US overnight pushed most of the Asian markets lower again today.

In Hong Kong, airlines stocks declined after escalating violence in the Middle East boosted oil prices. Cathay Pacific Airways sank 2.1% on speculation fuel costs will increase after oil surged to the highest level in more than two years.

Sun Hung Kai Properties Ltd, the world’s biggest developer by market value increased 0.9%.

In Japan DIC Corp, a printing ink producer, leapt 6.8% on course for its highest close since April last year. The company was rerated “buy” from “neutral” at Goldman Sachs Group Inc. Conversely, Daiichi Sankyo Co, Japan’s third largest drug maker, declined 2.4% set for its steepest decline since May.

In Australia, the sharemarket recovered some lost grounds on the back of strong performance from mining giants BHP Billiton and Rio Tinto.

The Australian index opened sharply lower (in early trade), following negative leads from the US overnight. However, the market gained some momentum after a few of the reporting companies, including Amcor, Cocal Cola Amatil and Suncorp showed healthy profits.

I believe the strong bounceback this morning was due to some bargain hunters. At the same time we saw some good volume (of trade) flowing into the market, which means confidence is coming back.

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